NRIs want customized product offerings, round-the-clock customer support by Indian banks: Survey
financialexpress.comNon-Resident Indians (NRIs) play an instrumental role in bolstering India’s economy. With inward gross remittances, they are fueling the country’s investment scenario and fattening foreign exchange reserves. Being a progressive economy, India has established itself as a leader in inward remittances by becoming the first country to touch the $107.5-billion mark in 2022.
Owing to flexibility in services, private Indian banks have made it easier for NRIs to optimistically invest in a myriad of opportunities available in the country. As the NRI investments continue to witness a steep surge in the country, SBNRI — an NRI-focused FinTech platform — has recently conducted a survey to reveal the top private Indian banks preferred and trusted by NRIs.
As per the survey report, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank are the top four most trusted private Indian banks by NRIs based in Australia, Canada, the US, Singapore, and other 10 countries. Around 43% of Australia-based NRIs followed by 30% in Canada and the UK prefer HDFC Bank, followed by other banks, whereas, 38% of Canada-based NRIs followed by 30% in the USA repose their trust in ICICI Bank.
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Talking about the Indian banking scenario, Mudit Vijayvergiya, Founder of SBNRI, said, “Earlier, the Indian banking sector lacked the global service standards for NRIs to park their funds in the country. Issues like safety, flexibility and certain limitations restricted NRIs to experience a seamless investment process in the country. With the emergence of a few private banks, inward remittances from NRIs have crossed the threshold in 2022.”
A multitude of reasons contribute to NRIs
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